Ceretto applauds governor's decision to provide financial assistance to City of Niagara Falls

by jmaloni

Press release

Sat, Nov 10th 2012 08:45 am

Assemblyman
John Ceretto applauded Gov. Andrew Cuomo on Friday for approving a
plan that will provide assistance to the City of Niagara Falls to
help address budget issues related to an ongoing casino-revenue
dispute between New York and the Seneca Nation. Ceretto said Niagara
Falls received approximately $18 million a year in casino revenue as
a host city before the dispute and is currently owed more than $60
million.

"This
revenue boost will provide the City of Niagara Falls with important
funding needed to meet its debt obligations, help avoid layoffs and
provide necessary services in these difficult economic times,"
Ceretto said. "This is truly a victory for the City of Niagara
Falls and shows what can be accomplished when elected officials work
together for the common good. I applaud Governor Cuomo for addressing
this issue and his continued focus and attention on issues impacting
Western New York."

Ceretto
met with the governor's office last spring in order to discuss ways
to provide funding to the City of Niagara Falls while the state and
Seneca Nation work to resolve the issue of casino payments to
localities and exclusivity zones for the Seneca Nation's casinos.

Under
the finalized plan, the New York Power Authority will accelerate
payments to Niagara Falls in accordance with the 2007 re-licensing of
the Niagara Power Project. NYPA will convert an $850,000 annual
payment stream that it would otherwise provide the city with over the
next 44 years into an equivalently valued lump-sum amount of
approximately $13.45 million.

"The
City of Niagara Falls was in dire circumstances, but ... today's
announcement that NYPA has approved a plan to help the city address
its current budget issues (will allow) us more time to find long-term
solutions to the city's fiscal challenges," Ceretto said. "I
commend Governor Cuomo and NYPA for today's action and I pledge to
continue to work with the administration to resolve the ongoing
casino revenue dispute."